https://www.miningweekly.com

Avesoro to acquire two gold mines in Burkina Faso

31st October 2017

By: Anine Kilian

Contributing Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Dual-listed Avesoro Resources, which owns the New Liberty gold mine, in Liberia, will acquire two gold mines in Burkina Faso.

The transaction includes the acquisition of MNG Gold Burkina, Cayman Burkina Mines, MNG Gold Exploration, AAA Exploration Burkina and Jersey Netiana Mining and their subsidiaries, which collectively hold the Youga and Balogo mines, from Avesoro Jersey Limited for $69.5-million.

Avesoro Jersey is Avesoro's majority shareholder, which holds 73.5% of the company.

The purchase consideration will be settled through the issue to Avesoro Jersey of 2.03-million Avesoro shares, valued at about $51-million, and $18.5-million in cash, which has been raised through a share placement.

Avesoro has conditionally raised about £15.2-million ($20-million) through the placement of new common shares to new and existing sophisticated and accredited investors at 1.9p apiece.

“The assets will provide Avesoro with geographic diversity within West Africa and are highly complementary to our existing New Liberty mine, significantly increasing Avesoro’s gold production, in addition to adding high-quality exploration upside that will provide for further future organic growth.

“In conjunction with the turnaround at New Liberty, this acquisition marks a significant next step in achieving our long-term plan to become a premier midtier African gold producer,” Avesoro CEO Serhan Umurhan said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

PGMs and green hydrogen make headlines
PGMs and green hydrogen make headlines
19th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.213 0.256s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: